Business
‘Disappointment looms’: AMP flags earnings losses – Sydney Morning Herald
AMP has flagged a major drop in underlying profits in another piece of bad news for the company that’s been hit with two class actions this week.
“The pandemic has presented many challenges but has not distracted us from our mission to transform AMP into a simpler, client-led, growth-orientated business.”
AMP is predicting assets under management (AUM) to fall by 6 per cent to $126 billion in its wealth management business due to $900 million being withdrawn under the government’s early release of super scheme and $1.3 billion in lost corporate mandates.
Meanwhile its funds management arm, AMP Capital, is expected to report a 2 per cent…
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